It means gold would be more per ounce than a bit coin is worth now. And they’d probably try to make ownership illegal again.
You’re right. The government will likely try to hoard the gold just like they did under FDR.
Another point worth mentioning is that the quantity of gold traded on ETFs is something like >15x the actual amount of physical gold that exists. If there were a rush to acquire physical gold, we would see “bank runs” which would completely undermine the system (not necessarily a bad thing).
I am skeptical that DC & Wall Street would ever allow gold backed currency, given the energy they’ve spent (including waging proxy wars in Libya etc.) to maintain the USD as the reserve currency.
It means gold would be more per ounce than a bit coin is worth now. And they’d probably try to make ownership illegal again.
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China has opened Gold ownership to all its citizens years ago. It is encouraged. Gold can be bought and sold in their banks…..try walking into your bank and buying a one ounce Gold Eagle? …or selling yours to the bank for spot price?
China knows what is coming, and is prepared…the West is not.
Ever since all of this hype started again to purchase gold, that was my first thought. All of the fools buying gold would be slitting their wrists if our government demanded all gold possessed in individual hands be turned in for $100.00 per ounce, or even ten times that.